On September 10, 2023, it was reported that Crawford Investment Counsel Inc. has increased its stake in Evergy, Inc. by 9.5% in the first quarter of this year. According to the company’s 13F filing with the Securities & Exchange Commission, Crawford Investment Counsel Inc. now owns 259,754 shares of Evergy’s stock after acquiring an additional 22,471 shares during the quarter. This represents about 0.11% of Evergy’s total worth, which amounts to $15,876,000 at the end of the reporting period.
Evergy (NYSE:EVRG) recently released its earnings results on August 4th. For the quarter, the company reported earnings per share of $0.81, surpassing the consensus estimate of $0.77 by $0.04. The return on equity for Evergy was measured at 8.94%, with a net margin of 12.97%. However, it should be noted that the firm’s revenue for the quarter stood at $1.35 billion, falling short of analyst estimates which had predicted $1.45 billion in revenue for that period. As a result, there was a decline of 6.4% in revenue compared to the same period last year.
Analysts have been closely monitoring Evergy’s performance and several brokerage firms have issued reports on EVRG in recent months. Barclays began coverage on Evergy with an “equal weight” rating and a target price of $56.00 on August 23rd. On July 7th, Guggenheim reduced their price target for Evergy from $72.00 to $68..00 in their research report.
Overall, data from Bloomberg.com reveals that two analysts have rated the stock as a sell, while three others have given it a hold rating so far.The average rating consensus for Evergy is currently listed as “Hold,” with a consensus price target of $61.83.
In conclusion, the increase in stake by Crawford Investment Counsel Inc. indicates confidence in Evergy’s future performance despite the decline in revenue during this quarter. The average rating from analysts suggests a cautious stance on the stock, with most not recommending a strong buy or sell position at this time. Investors will have to carefully monitor Evergy’s upcoming financial reports to determine if the company can bounce back and meet market expectations.
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Institutional Investors and Hedge Funds Show Continued Interest in Evergy, Reflecting Confidence in the Company
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”SO” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Institutional investors and hedge funds have been actively buying and selling shares of Evergy, indicating a continuous interest in the company. PNC Financial Services Group Inc. increased its position in Evergy by 1.3% during the first quarter, acquiring an additional 179 shares. This brought their total ownership to 14,198 shares valued at $969,000. Similarly, Cibc World Market Inc. raised its position by 25.8% during the same period, purchasing an additional 1,214 shares worth $405,000.
Blair William & Co. IL also boosted its stake in Evergy by 5.5%, adding 657 more shares to bring their total holdings to 12,622 shares valued at $863,000. Furthermore, Sei Investments Co. saw a significant increase of 28.4% in their position during the first quarter when they purchased an additional 71,345 shares worth $22,058,000.
Notably, Canada Pension Plan Investment Board witnessed an astounding surge of 1,332.5% in their stake during the first quarter as they acquired an additional 347,949 shares worth $25,563,000.
It is vital to mention that hedge funds and other institutional investors now hold a substantial portion of Evergy’s stock—approximately 82.82%. This level of investment demonstrates confidence and trust among these financial entities toward the company’s future prospects.
Additionally, Director Mary L. Landrieu recently sold 1,170 shares on June 14th at an average price of $59.62 per share—resulting in a transaction value of $69,755.40. After completing this sale, Director Landrieu holds a remaining balance of 4,210 shares valued at approximately $251,000.
Looking at the stock performance as of Friday (September 10th), Evergy opened trading at $53.94 on the New York Stock Exchange. The company’s stock has experienced a year-long range of $52.28 (1-year low) to $71.13 (1-year high). Evergy currently maintains a debt-to-equity ratio of 1.06, indicating its financial leverage in utilizing both borrowed and shareholder funds.
The business’s fifty-day moving average price stands at $57.88, while its two-hundred-day moving average price is slightly higher at $59.31. With a market capitalization of $12.39 billion, Evergy has a price-earnings (P/E) ratio of 16.40 and an intriguing P/E to growth (P/E/G) ratio of 2.88—a metric often used to analyze a stock’s valuation relative to its projected earnings growth rate.
To assess the company’s risk exposure, it is worth considering that Evergy has a beta of 0.51, suggesting that its stock exhibits relatively lower volatility in relation to the overall market.
In summary, Evergy continues to attract interest from institutional investors and hedge funds as they actively trade its shares on the market. The recent transactions by notable companies such as PNC Financial Services Group Inc., Cibc World Market Inc., Blair William & Co. IL, Sei Investments Co., and Canada Pension Plan Investment Board indicate their confidence in Evergy’s future performance.
Furthermore, Director Mary L. Landrieu’s recent sale of shares presents an interesting aspect concerning insider trading activity within the company.
Overall, investors and industry analysts will closely monitor how these developments affect Evergy’s stock price movements going forward in order to make informed decisions regarding potential investments in the company.
